ACCOUNTS RECEIVABLE PROCESSING Clause Samples
The Accounts Receivable Processing clause outlines the procedures and responsibilities related to the management and collection of payments owed to a party under the agreement. It typically specifies how invoices are to be issued, the timeline for payment, and the methods for handling overdue accounts or disputes. By clearly defining these processes, the clause ensures timely and accurate payment collection, reduces the risk of misunderstandings, and helps maintain healthy cash flow for the party providing goods or services.
ACCOUNTS RECEIVABLE PROCESSING a. Monitor the receipt of State approved ADA funding amounts and verify balances paid are correct
b. Work directly with governmental agencies to resolve any issues or discrepancies identified
c. Review all donor letters and grant agreements for proper coding and revenue recognition in accordance with GAAP
d. Maintain independent records, as necessary, for both public and private sources to ensure accurate reporting and compliance
ACCOUNTS RECEIVABLE PROCESSING. Accounts receivable records will be maintained on the NMI computer system. NMI will be responsible for all collections of accounts receivable and will remit to bank accounts specified by GALAGEN all customer payments owed to GALAGEN for sales made by GALAGEN hereunder on a weekly basis. All payments will be applied to open customer invoices in accordance with the customer's instructions, and if no such instructions are specified the parties will contact such customer to determine such instructions. NMI will provide to GALAGEN periodically a list of all open customer accounts receivable assigned to GALAGEN.
ACCOUNTS RECEIVABLE PROCESSING. The processing and collection of accounts receivable including the preparation, distribution and recordation of all bills and statements for professional medical and ancillary or other services rendered on behalf of Practice and the Subsidiaries as described in greater detail in Section 5.7 below, and including the billing, processing and completion of any reports and forms that may be required by third party payors or customers.
ACCOUNTS RECEIVABLE PROCESSING. Monitor the receipt of State approved ADA funding amounts and verify balances paid are correct Work directly with governmental agencies to resolve any issues or discrepancies identified Review all donor letters and grant agreements for proper coding and revenue recognition in accordance with GAAP Maintain independent records, as necessary, for both public and private sources to ensure accurate reporting and compliance Reconcile all bank accounts on a weekly basis for a heightened level of security and monitoring Maintain general ledger in accordance with GAAP on an ongoing basis, ensuring all revenues and expenses are recorded and reported accurately Maintain an inventory of fixed assets over the school-designated capitalization threshold and calculate depreciation on a monthly basis On a weekly basis, use reconciled bank balance to project daily cash balances for 30 days (for analysis of cash for any period of time over 30 days, the monthly forecast will be utilized) On a weekly basis, provide schools with amount of cash available for accounts payable or other discretionary spending while ensuring sufficient funds for regularly recurring transactions such as payroll, taxes, rent, insurance, etc. Plan and manage payment of outstanding debt as needed Prepare all financial reporting necessary for renewal of loans or lines of credit Present line of credit status to board and obtain board resolutions as needed Monitor compliance with all debt covenants as a part of the ongoing budgeting and forecasting process Analyze future cash flow and determine whether schools need to make adjustments to spending or seek other funding options. Provide a monthly reporting package by the 20th day of the following month, assuming all necessary data is received from the school site on a timely basis, to ensure management has the necessary information to make sound business decisions Create financial reporting package based on customized business segments. This includes budgets and forecasts as well. Offer a menu of report options for the monthly financial reports including, but not limited to: Monthly summary by financial section with bulleted highlights for presentation purposes Monthly Cash Flow Forecast and comparison to approved budget Budget vs. Actual Report (both current month and year-to-date) Schedule of Revenue and Expenses by Period Comparative Statement of Financial Position Combining/Consolidating Statements of Activities and Financial Position Statement of Cash F...
ACCOUNTS RECEIVABLE PROCESSING. Monitor the receipt of State approved funding amounts and verify balances paid are correct